Sunday, May 18, 2014

Don't even want to think about 2050

The thought that the price of bread and our standard of living is likely to increase by 2% each year......that's a lot! I don't even want to thing about the inflation rates and the price of gas and college by then. I get the sense that economics tries to predict the future. But really, there is no way we can predict the future, they already tried saying the national debt would be paid off by, what was it, 2015? Yet we are still $17 trillion under. There is no way we can predict recessions or avoid them, we just have to deal with them. I think economics should stick to just being the solution to these issues, not the Doppler radar for the bumps in economic stability. Econ can't prevent, but it can fix. If we try to predict 2050 by using Econ, (or any other means for that matter,) we'll end up being as off as Back to the Future was about 2015.

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